Baku, Azerbaijan, Apr. 7
By Azad Hasanli – Trend:
Investments of European countries in Azerbaijan's economy almost reached $20 billion in 10 years, said Azerbaijani Deputy Economy Minister Sahil Babayev.
He made the remarks Apr. 7 in Baku at a conference dedicated to the 10th anniversary of launching EU’s twinning projects in Azerbaijan. Babayev noted that the mentioned amount of investments make up for 45 percent of all funds invested in Azerbaijan over this period.
“The EU countries are our main investors. Over 10 years, European countries have invested about $20 billion in our economy, including nearly $3 billion in the non-oil sector,” he said.
“We have extensive economic cooperation with the EU countries. European states are the main trade partners of Azerbaijan. In January-February 2017, 42 percent of Azerbaijan’s trade turnover [$866.6 million, according to the State Customs Committee] accounted for the EU countries,” Babayev added.
The deputy economy minister noted that Azerbaijan and the EU have the potential to expand the current cooperation.
Trade turnover between Azerbaijan and the EU countries amounted to $6.17 billion in 2016, $3.95 billion of which accounted for export to these countries, according to Azerbaijan’s State Customs Committee.